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For the first time in the past two years, copper prices soared above $10,000 per tonne on Friday, driven by rising global demand and limited supply. For the first time since April 2022, the price of copper broke through the crucial milestone in early morning trading on the London Metal Exchange, peaking at slightly over $10,028. Later on, the price per tonne was $9,992.50.
The br metal is in the spotlight after mining giant BHP launched Thursday a $38.8-billion takeover bid for British rival Anglo American, in an audacious move to create the world's biggest listed copper producer. However, Anglo American on Friday rejected the offer as too low, slamming it as "highly unattractive" and "opportunistic".
Copper is currently experiencing a demand boom on the back of its diverse uses in the renewable energy transition, from electric vehicles to solar panels and wind turbines. The metal faces additional upward pressure from other factors including strikes, geopolitical tensions and increasing regulation. Back in March 2022, copper had scored a record high of $10,845 per tonne in the wake of Russia's invasion of Ukraine.
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